Capital gain mtr

This query is : Resolved

manoj rathod (Querist)
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26 July 2011 respected sir

pls guide me

i have short term capital gain 500000
short term loss 100000

suppose i filed IT return on 15 AUG means after due date
can i deduct short term loss from short C/G & pay tax on (500000-100000)= Rs. 400000/

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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26 July 2011 Till there is profit under this head after set of profit against losses you can but if it loss then also you can but the losses shall not be allowed to be carried forward in next year

manoj rathod

manoj rathod (Querist)
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27 July 2011 thanking you sir

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Preety Parik

Preety Parik (Expert)
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27 July 2011 Yes u can set off loss even though the return is filed after due date. Loss cannot be carried forward if return is filed after due date.